Cash bonds take a different track

Is the worst of the credit crunch over? The equity, CDS and cash bond markets give different answers. For most sectors, the equity and CDS markets appear to have priced in a rapid economic recovery and limited defaults. By contrast, the cash bond market sees financial Armageddon at the door. How has this discrepancy come about? And which view is correct?

The equity markets have enjoyed a strong run since early March, with both the FTSE and the Dow Jones gaining as much as 10% from their lows

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here